Chart AUD/USD Update: Consolidating - studies under pressure
The anticipated minor test above congestion resistance at 0.6500 has been pushed back from 0.6520~
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6630 | * | break level | S1 | 0.6460~ | 5 Nov low | ||
| R3 | 0.6600 | ** | congestion | S2 | 0.6440 | ** | 14 Oct (m) low | |
| R2 | 0.6550 | * | congestion | S3 | 0.6400 | ** | congestion | |
| R1 | 0.6500 | * | congestion | S4 | 0.6350 | * | congestion lows |
Asterisk denotes strength of level
14:20 GMT - The anticipated minor test above congestion resistance at 0.6500 has been pushed back from 0.6520~, as intraday studies turn down, with prices once again trading just beneath 0.6500. Daily readings are negative and broader weekly charts are mixed/negative, highlighting room for a test lower in the coming sessions. Support remains down to the 0.6440 monthly low of 14 October. But already oversold daily stochastics should limit any initial tests in consolidation. A close beneath here, however, will add weight to sentiment and extend mid-September losses initially to congestion around 0.6400. Meanwhile, congestion around 0.6550 should cap any immediate tests above 0.6500.